• Billy Markus, co-creator of Dogecoin, stands in solidarity with Elon Musk regarding Tesla’s $56 billion compensation package.
• Despite opposition from advisory firms like Glass Lewis and major shareholders like Norges Bank Investment Management, Musk’s supporters, including Cathie Wood and Markus, advocate for honoring the contractual agreement.

Billy Markus, also known as Shibetoshi Nakamoto on Twitter/X and co-creator of Dogecoin, has weighed in on Elon Musk’s ongoing compensation controversy at Tesla. Markus expressed support for Musk, advocating that the tech mogul should receive his proposed $56 billion compensation package, contingent upon Tesla achieving a market capitalization of at least $650 billion within a decade.

Currently, Tesla’s market value stands at $571.6 billion, prompting the company to seek shareholder reaffirmation of the payout.

However, Glass Lewis, a prominent American proxy advisory firm, advised Tesla shareholders in May to reject the compensation plan due to its substantial size. Norges Bank Investment Management (NBIM), Tesla’s eighth-largest shareholder, also intends to vote against the payout, acknowledging Musk’s leadership contributions but deeming the bonus excessive.

Earlier this year, a Delaware judge invalidated the decision to award Musk the $56 billion compensation package in the future. This week, Tesla shareholders will revisit the vote on whether to approve the package originally agreed upon in 2018, when Musk committed to foregoing salary and stock transfers in exchange for the potential $56 billion payout contingent on Tesla’s market value growth.

Ark Invests’ Cathie Wood Backs Elon Musk

Billy Markus, alongside notable figures in finance like Cathie Wood, has voiced support for Elon Musk, asserting that he deserves to receive $56 billion from Tesla as previously agreed.

Markus took to Twitter to affirm Musk’s entitlement to the compensation, emphasizing that it was a contract approved by Tesla shareholders. The Dogecoin co-founder warned that shareholders’ credibility could be tarnished in the future if they reneged on their commitment to Musk, potentially influencing how others perceive and interact with them.

Elon Musk and Dogecoin founder Billy Markus have shared a cordial relationship with the billionaire extending huge support to DOGE over the past many years. The crypto community has been eagerly awaiting Elon Musk to integrate the Dogecoin payments into one of his companies.

Elon Musk’s active presence on social media platform X and his strong interest in cryptocurrencies have played pivotal roles in recent market movements. Musk’s vocal support for Dogecoin has notably driven the meme-inspired cryptocurrency to unprecedented levels. He has even hinted at the potential for purchasing Tesla vehicles using Dogecoin, per the Crypto News Flash report.

Moreover, Musk’s strategic actions, including teasing potential cryptocurrency integrations on X, have consistently sparked optimism among investors in the crypto sphere. This influence echoes his previous impact on Bitcoin’s market value following similar announcements

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